Anthem and Maricopa County Homes Sales Jump!

In comparing May 2011 to May 2012, we are seeing a large increase in pricing of single family homes. Median sales price is up 32.4% from last May, and the average price per square foot is up 22.2 % to 98.14 now. Overall supply is down 50% which for sure is contributing to the large increase. This year, Phoenix region leads the nation in price increase.

As a result many new home builders are ramping up their projects. When you drive around, you see land starting to be graded again, and builders are even starting to look for workers in sales and construction. In fact new home permits are up to 1,332 from 589 a year ago! Last week mortgage interest rates also hit bottom; things are changing, and starting to become a seller’s market.

In Anthem for May, 2011 the median overall sales price was $200,000. There were 35 resale’s, with a median price of $249,000. In the pre-foreclosure and short sales area, 20 sold with homes a median price of 167,500. 8 Homes were flipped and those brought in a median price of $203,200. Anthem is recovering. When you travel the neighborhoods, there are very few homes giving the appearance of being unkempt (usually a sign of a home in distress). Inventory is down and homes are receiving multiple offers if priced close to market and in good shape.

The source for this was the W.P. Carey School of Business at Arizona State University.

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